Financial position

Liabilities

DB AG’s liabilities as of December 31, 2024, were slightly higher than at the end of the previous year. The development of the individual items was differentiated:

• Other liabilities and liabilities to banks increased significantly:
  • Other liabilities increased as a result of the issue of commercial paper.
  • Liabilities to banks increased as of December 31, 2024, largely as a result of taking out bank loans. In anticipation of the cash inflow from completion of the sale of DB Schenker in 2025, more short-term financial debt was raised in 2024 to offset the significantly reduced issue of senior bonds over the course of the year to cover financing requirements.
• The decline in liabilities to affiliated companies had a largely offsetting effect and was mainly due to the reduced issuing activities of DB Finance and lower liabilities from intra-Group cash pooling. Lower liabilities from profit and loss transfer agreements and loans had a supporting effect.

Capital expenditures

At € 90 million, gross capital expenditures in property, plant and equipment and intangible assets were significantly above the previous year’s level (previous year: € 34 million) and resulted largely from projects in conjunction with the concentration of locations and the conversion of office buildings as well as IT projects.

Statement of cash flows

• The cash outflow from operating activities was significantly stronger. The loss before depreciation, interest and net investment income were only partially offset by positive working capital effects.
• The significant decrease in the cash outflow from investing activities was mainly due to:
  • an inflow of funds from changes in cash pooling receivables and short-term loans (€ +4,567 million), including as a result of the repayment of pre-financings for infrastructure measures from 2023 and 2024 as well as net proceeds in conjunction with Group financing (€ +3,777 million ), including as a result of the sale of DB Arriva. The increase in cash inflow from interest received (€ +169 million ) had a supporting effect.
  • This was partially offset by the higher cash outflow from equity increases at DB InfraGO AG (€ –4,375 million) and DB Fahrzeuginstandhaltung GmbH (€ –400 million) as well as a significantly higher cash outflow from assumption of losses (€ –2,225 million).
  • The increase in cash outflow from current financial investments (€ –302 million) also had a dampening effect.
• The significant increase in cash inflow from financing activities was largely the result of:
  • the Federal Government’s equity measures (€ +5,500
    million ; previous year: € +1,125 million),
  • a lower cash outflow in conjunction with cash pooling liabilities (€ +876 million), and
  • the omission of the dividend payment to the Federal Government (previous year: € –650 million).
  • This development was partially offset by lower net cash inflows from taking out and repaying financial loans (€ –2,340 million) and an increase in cash outflows for interest paid (€ –200 million).

On balance, this resulted in a cash inflow (previous year: cash outflow), which meant that DB AG had significantly higher cash and cash equivalents as of December 31, 2024, compared to the end of the previous year.

Variations from the forecast financial position

The development of DB AG 2024 in its financial statements according to HGB corresponds to the forecast for the 2024 financial year given in the Combined Management Report for the 2023 financial year.